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Investor Relations

In 2003, BC Ferries established itself as a commercial company with the ability to raise funding in Canadian bond markets. BC Ferries represents a unique infrastructure investment opportunity for bond investors.
 
  • Essential transport service/link
  • Tested light-handed regulatory framework
  • Strong competitive position
  • Planned and achievable asset renewal program
  • Financial integrity


BC Ferries ownership structure

B.C. Ferry Authority (BCFA)
 
  • Holds the single voting common share in BC Ferries
  • BCFA is an independent, no-share capital corporation created under the Coastal Ferry Act, BC
Province of British Columbia
 
  • Owns 75,477 non-voting 8% cumulative preferred shares of BC Ferries
  • Each share has a par value of $1,000, and no voting interest in BCFA or BC Ferries

Calendar of upcoming events

View calendar
Week of August 17, 2020  First Quarter 2021 Earnings Release
August 20, 2020  Annual Public Meeting
Week of November 16, 2020  Second Quarter 2021 Earnings Release
Week of February 15, 2021  Third Quarter 2021 Earnings Release
Week of June 14, 2021  Fourth Quarter 2021 Earnings Release
Week of August 16, 2021  First Quarter 2022 Earnings Release
August 19, 2021  Annual Public Meeting
Week of November 15, 2021  Second Quarter 2022 Earnings Release
Week of February 14, 2022  Third Quarter 2022 Earnings Release
Week of June 20, 2022  Fourth Quarter 2022 Earnings Release

Frequently asked questions

Find the answers to questions frequently asked by potential investors
If answers to the following questions aren’t found immediately below, the links will take you to the appropriate webpage.

Corporate information

Q: How can I learn more about the Executive Team, the current Board of Directors and governance?
A: View our Leadership page

Q: Where can I learn more about BC Ferries’ fleet?
A: The company website includes information on the current fleet and the Vessel Renewal Program.

Q: How can I keep up-to-date on company progress and significant events?
A: You can elect any of the following options to receive updates on BC Ferries:
Capital markets information

Q: When does BC Ferries announce their financial results?
A: See the Calendar of Upcoming Events section on this page.

Q: When is BC Ferries' fiscal year end?
A: Fiscal year ends March 31st.

Q: What are BC Ferries’ credit ratings?
A: See the Debt Information section on this page.

Q: How do I access BC Ferries’ regulatory filings?
A: To access BC Ferries' regulatory filings visit the SEDAR website.

Q: Can I buy BC Ferries’ stock?
A: BC Ferries does not have publicly traded stock. The B.C. Ferry Authority (“BCFA”) holds the single voting common share in BC Ferries. The Province of British Columbia owns 75,477 non-voting 8% cumulative preferred shares of BC Ferries (each with a par value of $1,000), but has no voting interest in either the BCFA or BC Ferries.

Q: Does BC Ferries have securities which are available to the public and how do I make an investment?
A: BC Ferries has issued five series of Senior Secured Bonds. As publicly traded instruments, the public is permitted to purchase these securities, however, like many corporate bonds, they have been sold to institutional investors and BC Ferries’ bonds may be difficult to purchase in the secondary market through retail brokers.

Annual reports

For fiscal years ending 2015 through 2020
PDF 5,480 KB | 120 pages
PDF 3,756 KB | 166 pages
PDF 4,276 KB | 131 pages
PDF 4,164 KB | 143 pages
PDF 4,000 KB | 136 pages
PDF 3,630 KB | 142 pages

Quarterly reports

Fiscal year ending March 31, 2021
Quarter 1, June 30, 2020
PDF 127KB | 22 pages

Fiscal year ending March 31, 2020
Year end results, March 31, 2020
PDF 356 KB | 53 pages

Quarter 3, December 31, 2019
PDF 459 KB | 22 pages

Quarter 2, September 30, 2019
PDF 186 KB | 21 pages
Quarter 1, June 30, 2019
PDF 174 KB | 28 pages

Fiscal year ending March 31, 2019
Year end results, March 31, 2019
PDF 403 KB | 54 pages

Quarter 3, December 21, 2018
PDF 246 KB | 28 pages
PDF 1,295 KB | 33 pages

Quarter 2, September 30, 2018
PDF 242 KB | 28 pages

Quarter 1, June 30, 2018
PDF 175 KB | 28 pages

Fiscal year ending March 31, 2018
Year end results, March 31, 2018
PDF 377 KB | 50 pages

Quarter 3, Dec. 31, 2017
PDF 236 KB | 22 pages

Quarter 2, Sept. 30, 2017
PDF 102 KB | 20 pages

Quarter 1, June 30, 2017
PDF 199 KB | 22 pages

Fiscal year ending March 31, 2017
Year end results, March 31, 2017
PDF 380 KB | 49 pages

Quarter 3, Dec. 31, 2016
PDF 210 KB | 22 pages

Quarter 2, Sept. 30, 2016
PDF 197 KB | 22 pages

Quarter 1, June 30, 2016
PDF 147 KB | 23 pages

Business plans

View business plans
PDF 11,613 KB | 72 pages
PDF 4,770 KB | 73 pages
PDF 4,600 KB | 35 pages
PDF 5,600 KB | 27 pages
PDF 675 KB | 28 pages

Presentations

View presentations
PDF 3,286 KB | 30 pages

Debt information

View debt information

Credit ratings

Agency: Standard & Poor’s
Long-term debt rating: AA-
Outlook: Negative
Last update: May 2020

Agency: DBRS
Long-term debt rating: A (high)
Trend: Negative
Last update: May 2020
 

Bond issues

Instrument: Senior secured bonds
Amount ($ millions): 250
Coupon: 6.25
Tenor: 30 years
Maturity date: October 13, 2034
Currency: CAD

Instrument: Senior secured bonds
Amount ($ millions): 250
Coupon: 5.021
Tenor: 30 years
Maturity date: March 20, 2037
Currency: CAD

Instrument: Senior secured bonds
Amount ($ millions): 200
Coupon: 5.581
Tenor: 30 years
Maturity date: January 11, 2038
Currency: CAD

Instrument: Senior secured bonds
Amount ($ millions): 200
Coupon: 4.702
Tenor: 30 years
Maturity date: October 23, 2043
Currency: CAD

Instrument: Senior secured bonds
Amount ($ millions):200
Coupon: 4.289
Tenor: 30 years
Maturity date: April 28, 2044
Currency: CAD

Instrument: Senior secured bonds
Amount ($ millions):250
Coupon: 2,794
Tenor: 30 years
Maturity date: October 15, 2049
Currency: CAD
 

Credit facility

BC Ferries has a $155 million 5-year revolving credit facility with a syndicate of Canadian banks, maturing April 2024.

Other loans:
  • In 2005, BC Ferries entered into loan agreements, which make up to $180 million available to finance the purchase of 2 Super C class vessels. These funds were released coinciding with the conditional acceptance dates of the vessels.
  • In 2009, BC Ferries entered into a $108 million loan agreement with KfW IPEX-Bank. These funds were released coinciding with the conditional acceptance of the Northern Expedition vessel.
  • In 2015, BC Ferries entered into a $135 million loan agreement with KfW IPEX-Bank. These funds were released in 2016 and 2017 coinciding with the conditional acceptance of the three Salish Class vessels.


Prospectuses

5.74% Senior secured bonds, Series 04-1, due May 27, 2014 (published May 19, 2004)
 
PDF 940 KB | 104 pages
PDF 1,076 KB | 106 pages

6.25% Senior secured bonds, Series 04-4, due Oct. 13, 2034 (published Oct. 5, 2004)
 
PDF 437 KB | 106 pages
PDF 586 KB | 107 pages


Master trust indenture

PDF 540 KB | 148 pages

Useful links

SEDAR
British Columbia Ferry Commission
B.C. Ferry Authority
Standard & Poor’s
DBRS
Executive compensation disclosure report
View current news releases
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Head Office    
Suite 500 - 1321 Blanshard Street    
Victoria, BC V8W 0B7

Email investor.relations@bcferries.com

Forward-looking statements

Documents placed on this website may contain certain forward-looking statements that relate to future events or performance. These forward-looking statements are based upon management's expectations and assumptions, and BC Ferries believes that it has a reasonable basis for making such forward-looking statements.

These forward-looking statements are made as of the date of the document in which they are contained, and are based upon information then available. If management's expectations and assumptions prove to be incorrect, or factors change, then actual results could differ materially from the forward-looking information contained in such documents.

In addition, forward-looking statements, by their nature, involve risks and uncertainties that could cause actual results to differ materially from those anticipated. The risks and uncertainties include those associated with a marine transportation business and successfully carrying out major capital expenditure projects with respect to:  
  • Our vessel and terminal infrastructure
  • Risks related to operating in a highly regulated industry
  • Risks related to future traffic levels and resulting tariff revenue
  • Other risks described in our annual management’s discussion and analysis
Consequently, readers are cautioned not to place undue reliance on forward-looking statements.

Disclaimer

The opinions, estimates or forecasts made by rating agencies or analysts about BC Ferries do not represent the opinions, estimates or forecasts of BC Ferries itself. BC Ferries does not endorse or concur with such opinions, estimates or forecasts, or with any recommendations made by analysts.